The slow, global deterioration into … (what? I ask).
Emphasis in red are mine.
” With less than a year to go until America elects its next president, the country has been warned of a looming new economic crisis.
Major cities across the United States are declaring themselves bankrupt in the face of huge debts and declining revenues.
Birmingham, in Alabama, and Harrisburg, the state capital of Pennsylvania, are the latest high-profile cities to file for bankruptcy. Analysts warn as many as 100 American cities are at risk.
They are taking their lead from a scenic Californian city which has become the poster child for the blight of municipal bankruptcy. …”